Impax Environmental NAV Underperforms, Ups Dividend As Profit Improves

LONDON (Alliance News) - Impax Environmental Markets PLC Tuesday said its net asset value underperformed its benchmarks in 2014, but the trust raised its dividend as profit improved.

The trust said its net asset value per share rose by 1.7% in 2014 to 169.8 pence per share, underperforming against its benchmarks, the FTSE ET100 Index, which rose by 4.1%, and the MSCI AC World Index, which rose by 10.6%.

"Impax Environmental Markets plc had a somewhat disappointing year, lagging both its global and environmental comparator indices as many investors shifted towards larger cap and more defensive stocks. However, the board remains positive about Impax's potential for long term outperformance as the prospects for environmental markets continue to strengthen," said Chairman John Scott.

Revenue from investments totalled GBP5.4 million in 2014, and it paid GBP882,000 in investment management fees and GBP667,000 on other expenses. In 2013 it had made GBP4.7 million on gains from investments, offset by GBP2.6 million in investment management fees.

That led to a pretax profit of GBP3.8 million in 2014, up from GBP2.1 million in 2013.

As a result, the trust has recommended a final dividend for the year of 1.4 pence per share, up from 1.2 pence a year earlier.

Impax shares closed up 0.9% at 162.00 pence per share on Tuesday.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

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Impax Asset Management